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The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Third time is a charm - (31/07)

TWIF UK & Europe - The latest fintech news across the UK and Europe

Third time is a charm - (31/07)

Hello TWIF UK & Europe friends,

Please find another week of fintech news, financings and exits below.

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Tweet of the week πŸ¦‰πŸ†

Funding πŸ’Έ

Highlights below of deals since the last post in the fintech space across the UK & Europe.

πŸ‡ͺπŸ‡Ί Neobank Bunq raised €44.5m in growth capital at a €1.65bn valuation from existing investors.

πŸ‡ͺπŸ‡Ί Sustainable payments fintech Keewe raised a a €3m round from Blast Club.

πŸ‡ͺπŸ‡ΊInsurtech Coverzen raised a €3.3m seed round from Vertis SGR.

πŸ‡¬πŸ‡§Regtech eFlow raised a Β£7m Series A led by Finch Capital.

πŸ‡¬πŸ‡§Ethical savings club Bloom Money raised Β£1m from January Ventures, Octopus and angels.

πŸ‡¬πŸ‡§Debt support solution SuperFi raised a $1m pre-seed round led by Ascension and included Force Over Mass Capital.

πŸ‡¬πŸ‡§Payment infrastructure provider Baseella raised a €200k pre-seed round.

πŸ‡¬πŸ‡§ Insurtech Percayso Inform raised a Β£2.7m round from Praetura Ventures and Neil Utley.

🌍 Cashflow management solution Settle secured a $145m credit facility from SVB.

🌍 Vertical SaaS payment and booking platform for the beauty industry GlossGenius raised a $28m Series C led by L Catterton and included Bessemer Ventures and Imaginary Ventures.

🌍 Payment provider Croissant raised a $24m seed round from investors including Portage, Box Group, Third Prime and others.

β‚Ώ Crypto payment app Eco released a decentralised payment project Beam.

Challenger Banking πŸš€

πŸ‡ͺπŸ‡ΊN26 has appointed a new chief risk officer to try and fix its AML and compliance issues.

πŸ‡ͺπŸ‡ΊeToro has constructed a passive investor portfolio of 40 fintech companies.

πŸ‡¬πŸ‡§ Robinhood is hiring in the UK as it looks to be making another attempt at entering the market, tapping a Freetrade exec to head up its efforts.

πŸ‡¬πŸ‡§Neobank Atom Bank has turned an annual profit of Β£4m for the first time.

πŸ‡¬πŸ‡§Revolut is offering US accounts to non-US citizens without an SSN or ITIN.

πŸ‡¬πŸ‡§ Treasury management solution Meow has launched the ability to purchase UK Gilts to earn higher interest.

🌍 LendingClub are testing an "suer app" that combines lending, payments and savings.

🌍 US neobank Upgrade has acquired BNPL firm Uplift for $100m.

🌍 Corporate spend management platform Jeeves has hit $40m in ARR.

Digital Assets β‚Ώ

πŸ‡ͺπŸ‡ΊItaly's central bank is supporting a DeFi platform, Cetif Advisory, in an attempt to bring institutions into DeFi and asset tokenization.

πŸ‡ͺπŸ‡Ί Commerzbank has successfully used blockchain technology to complete a Letter of Credit transaction using Contour's digital trade finance platform.

🌍 Quantstamp has been charged by the SEC for conducting an unregistered ICO and will be fined $3.4m.

🌍 The DOJ is pushing for FTX founder SBF to spend the remainder of his time before trial in jail after accusing him of witness tampering.

🌍 Ripple is working with the Republic of Palau, a Western Pacific island, on a government stablecoin.

🌍 Talks amongst US legislators on stablecoin legislation stalled due to disagreements with the White House.

🌍 Apple has received questions from US Representatives to question if its App Store guidelines are stifling blockchain technology.

🌍 Crypto payment gateway Alchemy Pay is partnering with

Traditional Banking 🏦

πŸ‡ͺπŸ‡Ί JP Morgan are set to continue with their plans to establish a retail bank in Germany.

πŸ‡ͺπŸ‡ΊA criminal network of thieves that use explosives to steal ATMs has been raided by Dutch police.

πŸ‡ͺπŸ‡Ί Spanish banks Banco Santander, BBVA and CaixaBank have set up a joint venture to share data to help tackle financial crime.

πŸ‡ͺπŸ‡Ί ING launched a sustainable bank account in partnership with Share.

πŸ‡ͺπŸ‡ΊCredit Suisse is to pay a Β£87m fine to the UK's PRA for its ties to a collapsed fund. UBS, now owner of Credit Suisse, is to pay $388m around regulatory issues relating to the Archegos failure.

πŸ‡¬πŸ‡§Italian bank Mediobanca has partnered with London incubator Founders Factor to launch a new fintech venture studio with a €12m investment.

πŸ‡¬πŸ‡§ Lloyds Bank is to close 44 new branches bringing the total to 155 in 2023 and an additional 40 in 2024.

πŸ‡¬πŸ‡§HSBC, Nationwide and TSB have been cited by the CMA for failing to provide full transaction history for customers when switching accounts.

πŸ‡¬πŸ‡§ CEO of NatWest has stepped down after admitting she discussed former MP Nigel Farage's relationship with the bank with the BBC. The CEO of Coutts, the NatWest owned private bank also resigned.

🌍 Earnings from American Express showed a 21% increase in spending from millennials and Gen Z cardholders. The card issuer also paid a $15m penalty to the OCC for failing to monitor a third-party affiliate.

🌍 BlackRock is partnering with Jiro Financial Services in India to launch a range of asset management services.

Fintech Infrastructure 🚧

πŸ‡ͺπŸ‡ΊBank orchestration platform Numeral is partnering with core banking provider Tuum to allow Tuum's customers to access Numeral's products.

πŸ‡¬πŸ‡§Payment provider GoCardless has been selected as the official payment partner of Swim England.

🌍 The value of same-day ACH payments jumped over 50% to $1.2trn in H1 2023 according to Nacha.

🌍 Plaid has partnered with Cross River Bank to power their real-time payments product Instant Payouts.

🌍 Shopify has launched a credit card for merchants powered by Stripe and issued by Celtic Bank.

Payments πŸ’°

πŸ‡ͺπŸ‡ΊB2B payment provider Mondu is partnering with payment firm to expand its services through the latter's network.

πŸ‡ͺπŸ‡ΊAn Italian anti-trust body has approved the elimination of payment fees and restrictions on small card transactions in a deal negotiated by retailers, banks and PSPs in a boost for digital payments.

πŸ‡ͺπŸ‡Ί Amazon is to discontinue its credit card in Germany after failure to find a new banking parter.

πŸ‡ͺπŸ‡Ί PayPal is deepening its partnership with Microsoft to add new ways consumers buying Microsoft products and services can use PayPal in Europe.

🌍 Amazon is expanding its palm recognition payment technology to all 500+ Whole Food stores in the US.

🌍 Airwallex is partnering with Brex to expand its global market presence.

🌍 Mastercard has launched Receivables Manager, a tool to streamline virtual card payments, in partnership with Billtrust.

🌍 Apple Pay has gone live in Morocco, adding to other new markets that were launched in 2023 including South Korea, Guatemala, El Salvador, Panama and Honduras.

🌍 Tourists to China can use payment apps Alipay and WeChat Pay now they accept international credit cards from Visa and Mastercard to be accepted.

🌍 Brazilian payment solution Pix had more transactions than both credit and debit card combined in Q1, seeing 35% of all transactions.

🌍 Visa's instant payment product Visa Direct saw 20% increase in volumes as reported in its fiscal Q3.

Regulatory Corner πŸ”Ž

πŸ‡¬πŸ‡§ The UK Government is to clamp down on banks closing accounts for customers over political links.

πŸ‡¬πŸ‡§ The UK Treasury is set to cancel its plans for a crackdown on the BNPL industry.

🌍 CFPB has reported it found illegal tactics in auto lending, medical debt and payday loans.

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